PENNX vs. SQLV
PENNX (Royce Pennsylvania Mutual Fund) and SQLV (Royce Quant Small-Cap Quality Value ETF) are both funds - PENNX is a Small Cap Blend Equities fund managed by Royce Investment Partners, while SQLV is a Quality Factor fund actively managed by Franklin Templeton. Over the past 5 years, PENNX returned 9.61%/yr vs 9.12%/yr for SQLV. Their 0.75 correlation means they have sometimes moved together and sometimes differently. PENNX charges 0.92%/yr vs 0.60%/yr for SQLV.
Performance
PENNX vs. SQLV - Performance Comparison
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Returns By Period
In the year-to-date period, PENNX achieves a 21.65% return, which is significantly lower than SQLV's 28.52% return.
PENNX
- 1D
- 1.81%
- 1M
- 0.27%
- 6M
- 12.18%
- YTD
- 21.65%
- 1Y
- 31.30%
- 3Y*
- 15.11%
- 5Y*
- 9.61%
- 10Y*
- 11.82%
- ALL TIME*
- 9.16%
SQLV
- 1D
- 1.57%
- 1M
- 5.05%
- 6M
- 22.39%
- YTD
- 28.52%
- 1Y
- 40.15%
- 3Y*
- 14.09%
- 5Y*
- 9.12%
- 10Y*
- —
- ALL TIME*
- 10.39%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $1.24M | $617.56K | $258.67K |
PENNX vs. SQLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PENNX Royce Pennsylvania Mutual Fund | 21.65% | 9.02% | 7.02% | 26.82% | -17.18% | 21.49% | 14.11% | 26.61% | -9.94% | 9.72% |
SQLV Royce Quant Small-Cap Quality Value ETF | 28.52% | 2.50% | 4.76% | 21.21% | -12.86% | 37.14% | 7.13% | 17.41% | -10.55% | 8.84% |
Correlation
The correlation between PENNX and SQLV is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.79 |
Correlation (3Y) Balances recent behavior with more history. | 0.89 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.89 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2017 | 0.75 |
The correlation between PENNX and SQLV shifts across timeframes, from 0.75 (all time) to 0.89 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PENNX vs. SQLV — Risk / Return Rank
PENNX
SQLV
PENNX vs. SQLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Royce Pennsylvania Mutual Fund (PENNX) and Royce Quant Small-Cap Quality Value ETF (SQLV). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| PENNX | SQLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.39 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.31 | 4.56 | -1.25 |
| Martin ratioReturn relative to average drawdown | 11.22 | 14.33 | -3.10 |
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Drawdowns
PENNX vs. SQLV - Drawdown Comparison
The maximum PENNX drawdown since its inception was -57.00%, which is greater than SQLV's maximum drawdown of -48.34%. Use the drawdown chart below to compare losses from any high point for PENNX and SQLV.
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Drawdown Indicators
| PENNX | SQLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.00% | -48.34% | -8.66% |
Max Drawdown (1Y)Largest decline over 1 year | -10.21% | -8.84% | -1.37% |
Max Drawdown (3Y)Largest decline over 3 years | -26.42% | -26.86% | +0.44% |
Max Drawdown (5Y)Largest decline over 5 years | -27.58% | -26.86% | -0.72% |
Max Drawdown (10Y)Largest decline over 10 years | -41.10% | — | — |
Current DrawdownCurrent decline from peak | -1.75% | 0.00% | -1.75% |
Average DrawdownAverage peak-to-trough decline | -9.38% | -8.79% | -0.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.01% | 2.81% | +0.20% |
Volatility
PENNX vs. SQLV - Volatility Comparison
The current volatility for Royce Pennsylvania Mutual Fund (PENNX) is 4.50%, while Royce Quant Small-Cap Quality Value ETF (SQLV) has a volatility of 5.11%. This indicates that PENNX experiences smaller price fluctuations and is considered to be less risky than SQLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PENNX | SQLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.50% | 5.11% | -0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 13.53% | 11.81% | +1.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.34% | 17.34% | +1.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.75% | 20.91% | -0.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.55% | 23.25% | -1.70% |
PENNX vs. SQLV - Expense Ratio Comparison
PENNX has a 0.92% expense ratio, which is higher than SQLV's 0.60% expense ratio.
Dividends
PENNX vs. SQLV - Dividend Comparison
PENNX's dividend yield for the trailing twelve months is around 5.51%, more than SQLV's 0.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PENNX Royce Pennsylvania Mutual Fund | 5.51% | 6.70% | 9.35% | 4.91% | 5.19% | 28.20% | 5.05% | 3.85% | 23.68% | 21.27% | 7.15% | 23.31% |
SQLV Royce Quant Small-Cap Quality Value ETF | 0.91% | 1.15% | 1.11% | 1.09% | 1.24% | 1.12% | 1.22% | 1.20% | 1.08% | 0.40% | 0.00% | 0.00% |
Frequently Asked Questions
PENNX and SQLV have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQLV has higher volatility (5.11%) compared to PENNX (4.50%). In terms of maximum drawdown, PENNX dropped -57.00% vs SQLV's -48.34%.
SQLV currently has the higher Sharpe Ratio (2.34 vs 1.85), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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